Where are we with the Nasdaq? Fibs and TL
Fibonacci retraces from ATH (338.28) to March low (297.51)
-We are currently trading above 50% (bullish pivot strength)
-We haven't broken the 61.8%
(still possible to short or take profits from long until 322.68-324.28 break)
Longs would be smart to take some profits off the table at 320, 322.68, and keep a passive position to ride to 338.28 ATH.
Break of upper resistance trendline and first fibonacci leg @ 314 gives confidence to bulls.
Shorts would be smart to look for price to breakout from last week's high 319.86. From there I would wait to short from 323, just above the fib breakout range.
Confirmation of long term trend occurs at 325, from there, look for pullbacks to add and ride passively until the next wave of volatility.
-We are currently trading above 50% (bullish pivot strength)
-We haven't broken the 61.8%
(still possible to short or take profits from long until 322.68-324.28 break)
Longs would be smart to take some profits off the table at 320, 322.68, and keep a passive position to ride to 338.28 ATH.
Break of upper resistance trendline and first fibonacci leg @ 314 gives confidence to bulls.
Shorts would be smart to look for price to breakout from last week's high 319.86. From there I would wait to short from 323, just above the fib breakout range.
Confirmation of long term trend occurs at 325, from there, look for pullbacks to add and ride passively until the next wave of volatility.